未知机构：春节动向与资金流向主被动外资均放缓1外资EPFR口径截-20260224

Summary of Conference Call Notes Industry Overview - The notes focus on the trends in foreign capital flows, particularly in the Hong Kong and A-share markets during the Chinese New Year period. [1][2] Key Points - Foreign Capital Flows: - Active foreign capital has seen inflows for six consecutive weeks, but the pace is slowing down. - Hong Kong stocks received $360 million in inflows compared to $440 million the previous week. - A-shares saw inflows of $90 million, down from $110 million the prior week. [1][2] - Passive Foreign Capital: - Passive foreign capital inflows into Hong Kong also slowed, amounting to $930 million, down from $1.79 billion the previous week. - Conversely, A-shares experienced an outflow of $160 million, a shift from the $260 million inflow seen the previous week. [1][2] - Emerging Markets Focus: - Funds focusing on emerging markets have seen the most inflows, with Asian funds (excluding Japan) also turning to inflows. [3] - Market Performance: - Despite the inflows, the Hong Kong market remains weak, particularly the Hang Seng Index, which has been underperforming due to heavyweight stocks like Tencent and Alibaba. - A significant rebound occurred on Monday, but the divergence between "new and old technology" stocks remains evident. [3] - Consumer Spending Trends: - During the Chinese New Year, tourism, dining, and travel experienced moderate high single-digit growth, although per capita spending is expected to remain flat or slightly below 2025 levels. - The total consumption during the 2025 Chinese New Year is projected to be ¥677 billion, with per capita spending at ¥1,351 and daily spending at ¥169. - Box office revenues are expected to decline by 40% due to a high base from the previous year. [3] - AI and Robotics Developments: - Numerous domestic AI models and humanoid robots have been launched, but they have not generated the same level of excitement as last year's notable releases like DeepSeek and Nezha 2. [3] Additional Insights - The overall market logic appears unchanged during the Chinese New Year period, with attention shifting to post-holiday events such as the Two Sessions, Trump's visit, and the earnings season. [4]